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Illustration: Rebecca Zisser/Axios

A number of prominent Twitter accounts, including those of Joe Biden, Barack Obama, Bill Gates and Elon Musk, appear to have been compromised Wednesday, posting messages tied to a cryptocurrency scam.

The latest: Twitter temporarily disabled all verified accounts from tweeting for several accounts. At about 8:45 pm ET, Twitter said in a statement: "Most accounts should be able to Tweet again. As we continue working on a fix, this functionality may come and go. We're working to get things back to normal as quickly as possible."

Why it matters: Twitter has become a key source of communication, and people generally assume the content posted by an account is from the person who owns the account, increasing the likelihood of a scam being successful.

  • One bitcoin wallet linked to the scam appears to have received the equivalent of over $100,000, according to CNBC.

Details: The accounts of Jeff Bezos, Mike Bloomberg and Kanye West, as well as companies Apple, Bitcoin.org, Coinbase and Ripple, were similarly compromised, in addition to several others.

  • Late Wednesday, Twitter posted: "We detected what we believe to be a coordinated social engineering attack by people who successfully targeted some of our employees with access to internal systems and tools."
  • A Biden spokesperson said in a statement, "Twitter locked down the account immediately following the breach and removed the related tweet. We remain in touch with Twitter on the matter."

Go deeper

Dion Rabouin, author of Markets
Oct 22, 2020 - Economy & Business

PayPal brings bitcoin to the mainstream

Expand chart
Data: Investing.com; Chart: Axios Visuals

PayPal's decision to allow customers to hold bitcoin and other virtual currencies in its online wallet and shop using cryptocurrencies sent the value of bitcoin soaring on Wednesday.

Why it matters: With 346 million active accounts around the world and 26 million merchants, PayPal could bring cryptocurrencies into mainstream acceptance.

Dan Primack, author of Pro Rata
5 mins ago - Economy & Business

The great venture capital resignation

Illustration: Rae Cook/Axios

A growing number of top VCs are calling it quits, long before typical retirement age.

Between the lines: Generational turnover isn't new for venture capital, but in the past it's been born of lean times. What we're seeing now is the byproduct of unprecedented success.

Top economic regulators stressed by vacancies

Illustration: Annelise Capossela/Axios

The boom times are all around us (from corporate deal sprees to the breakneck rise of cryptocurrency) — and the agencies in charge are stretched thin trying to police it.

Why it matters: Overwhelmed staff and a slew of vacant posts could set back President Biden's big regulatory agenda.